UOL-SingLand JV to acquire Watten Estate Condominium for $550.8mil

The offer for the collective sale of Watten Estate Condominium has already become granted to a 80%-20% joint venture amongst UVI and also Singland Residential Development.

UVI is a wholly-owned subsidiary of UOL Group, whilst Singland Residential Development is a subdivision of S’pore Land Grp Ltd.

The honor comes after individuals of the sale committee approved the alliance’s tender price of $Five hundred Fifty point Eight million.

In their own Singapore Exchange filings, UOL and SingLand mentioned in which the acquirement is amongst their regular path of business and also would definitely permit them to refill their property reserve for residential expansion inside SGP.

Klimt Cairnhill condominium

“People intend to rebuild the house in to a condominium, subject to all vital permissions from relevant authorities being obtained,” stated S’pore Land Group Limited.

“The alliance together with UOL will allow SGP Land Group Limited to alleviate threats and undertake numerous projects to broaden its portfolio as well as tap on the specialization plus link of its alliance associate,” it beefed up.

The fee, which are going to be supported by inner references plus bank loanings, will definitely obey the settlement schedule of 5 percentage of the acquisition rate in 7 days from the tender’s grant, adding the $1 million offer amount being paid for at the time of the submission of the tender by UVD number 4; a different 5 percentage of the consideration will have to be paid for in 7 business days from the communication of invoice of sale validation; and the left over 90 % upon statutory conclusion.

UVI is going to pay Eighty percentage out of the entire fee or $4hundred 40 point 6 mil, meanwhile SRD is going to pay for the left over value.

Found at Thirty Six to 44 Shelford Road, Watten Estate Condo possesses a 220,241 square foot freehold plot which is section for housing utilization beneath the 2K19 Master Plan with a complete PR of 1.4.

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